 No compensation unless settlor provided for compensation in the trust.  Policy – fear that trustee would act to increase compensation even if not in.

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Presentation transcript:

 No compensation unless settlor provided for compensation in the trust.  Policy – fear that trustee would act to increase compensation even if not in trust’s best interests.

Assuming trust instrument is silent:  1. Court Determination  Trustee petitions court for compensation approval.

 2. Trustee Determination  Trustee determines reasonable compensation.  Trustee takes from trust.  Interested persons may sue trustee for taking excessive compensation.

 3. Schedule or Scale  Based on, for example, ▪ Value of trust ▪ Amount of trust income

 Presumption = reasonable compensation  Exceptions:  Settlor provides otherwise ▪ No compensation ▪ Exact amount ▪ Method  Court may deny compensation if trustee breaches the trust. §

 Should settlor waive compensation?  Should settlor provided a fixed fee?  Should settlor “shop around” for fees if using corporate trustee?

 1. Gross income of trust

 2. Success or failure of trust administration

 3. Trustee’s skill and experience

 4. Trustee’s fidelity or disloyalty

 5. Amount of trustee’s liability exposure and responsibilities assumed

 6. Time spent

 7. Custom in the community

 8. Character of work  Skill and judgment, or  Routine

 9. Trustee’s estimate of value of services